E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – November 8, 2017 Forecast

December E-mini NASDAQ-100 Index futures are expected to open flat based on the pre-market trade. The index is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing. The trend is not being threatened, but the daily chart pattern suggests momentum may shift to the downside.

A trade through 6331.50 will signal a resumption of the uptrend. However, the index will remain vulnerable to a potentially bearish closing price reversal top.

The minor range is 6192.50 to 6331.50. A further sell-off today could drive the index into its retracement zone at 6262.00 to 6245.50.

The main range is 6011.00 to 6331.50. Its retracement zone at 6171.25 to 6133.50 is the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the steep uptrending angle at 6331.00.

A sustained move under 6331.00 will indicate the presence of sellers. If this move generates enough downside momentum, we could see a break into the minor retracement zone at 6262.00 to 6245.50.

Look for a possible acceleration into a support cluster at 6171.25 to 6171.00 if 6245.50 is taken out with conviction.

Overtaking and sustaining a rally over 6331.00 will signal the return of buyers. Taking out 6331.50 should trigger a rally into a long-term uptrending angle at 6354.00. Crossing to the strong side of this angle and sustaining the move will put the index in an extremely bullish position.

Watch the price action and read the order flow at 6331.00 all session. Be prepared for a steep sell-off if buyers can’t overtake this angle.